27th November 2020

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Muddy Waters calls Chinese social media company Joyy ‘multi-billion dollar fraud’ right after Baidu deal



Short seller Muddy Waters Research has labelled Nasdaq-listed Chinese social media company Joyy “a multibillion-dollar fraud” just days after China’s search giant Baidu announced its intention to buy Joyy’s live-streaming business YY Live.The US-based investment firm claims that up to 90 per cent of YY Live’s live-streaming revenue is fraudulent. “Users” who paid for virtual gifts were “almost entirely bots” from YY’s internal network or from external bot farms, as well as performers …


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